Gold and Silver Spot
Gold trading in a bull flag formation & topped almost exactly at the selling opportunity at 1488/90.
Silver longs at important support at 1655/50 are working perfectly on the recovery to 1712 but we unexpectedly collapsed back to 1674.
Daily Analysis
Gold crashed from just below 1487 to 1462. Minor resistance at 1471/73 but above here 1475 targets 1478/80, perhaps as far as 1484. Try shorts at 1488/90 with stops above 1492. A break higher (& close above for confirmation) is an important medium term buy signal.
First support at 1463/61 but below 1460 targets 1457/56. A break below 1454 targets 1450 & 1445.
Silver outlook remains positive as long as we hold important support at 1655/50. Holding above 1675/80 today retests first resistance at 1693/96. Further gains retest 1710/12. A break higher is a buy signal targeting 1726/30, perhaps as far as minor resistance at 1740/45 in to next week.
Important important support at 1655/50. A break below 1630 is a sell signal therefore targeting 1610 & 1590/85.
Trends
Weekly outlook is positive
Daily outlook is neutral
Short Term outlook is neutral
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.